Shareholders of Puma Biotechnology Inc (NYSE:PBYI) are having a rough day as the company’s stock is down 23%, following the news that the company will delay its NDA filing for neratinib, a drug slated for treatment of extended adjuvant breast cancer, from 1Q16 to mid-2016 based on an FDA request following a meeting last week.

In reaction, J.P. Morgan analyst Cory Kasimov reduced the price target for the stock from $105 to $89, while keeping the rating at Overweight.

Kasimov commented, “The FDA asked Puma to make an amendment to its statistical plan for ExteNET that, importantly, doesn’t materially alter the drug’s treatment effect. In fact, a number of the hazard ratios and p-values are numerically improved. While another delay is certainly not the headline we’re looking for from PBYI in this current tape, taking care of the request now should theoretically derisk the NDA acceptance in our eyes. We expect the market to overreact to this headline as we see investor patience wearing thin; however, whether or not this is a true overreaction will depend on whether or not neratinib is ultimately approved, in our view.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a yearly average return of -20% and a 22% success rate. Kasimov has a -47.4% average return when recommending PBYI, and is ranked #3740 out of 3814 analysts.

Out of the 4 analysts polled by TipRanks (in the past 3 months), 2 rate Puma Biotechnology stock a Buy, while 2 rate the stock a Hold. With a return potential of 114%, the stock’s consensus target price stands at $58.33.